Utility, Inc. Reports Continued Growth Following Strong Second Quarter
August 9, 2023
For Immediate Release
110% increase in bookings and 50% increase in revenue year-over-year.
ATLANTA (August 9, 2023) — Utility today announced highlights for the second quarter of 2023, posting $16.9 million in new contracts, including business overseas from the Royal Thai Police. The company also reported renewed and upgraded contracts totaling $3.3 million, including its first TITAN by Utility™ platform deployment with the State of Vermont Public Safety Department for evidence room surveillance. Other notable gains included:
- 20.4% revenue increase, quarter-over-quarter
- 15.4% recurring revenue increase, quarter-over-quarter
- 34.5% gross margin dollar increase, quarter-over-quarter
- 11.8% staffing growth, quarter-over-quarter (21 new hires) and
- 70.1% operating income increase, quarter-over-quarter
A highlight of the period was significant adoption of POLARIS by Utility™, the company’s all-in-one evidence management system that provides total transparency for incident documentation. In less than nine months, over 55% of users migrated from AVaiLWEB to POLARIS, enhancing their capabilities with fixed camera streaming, transcription, camera registry, crowdsourcing and more. Utility clients now manage and securely store in POLARIS more than 42 terabytes (TB) of digital evidence from other sources. Utility recently released POLARIS 6.4, a version with improved user experience features.
Adoption of PULSAR by Utility™, Automated License Plate Readers (ALPR), also continued to grow, with service contracts up 103% for the quarter and 252% for the year. The ALPR technology detected more than 11.2 million license plates in the period.
Additional Q2 technology insights include:
- Over 12 Petabytes or 1400+ years of digital evidence is now managed by Utility.
- More than 85,658 devices are engaged on the platform
- 94% of the 379 clients on the platform are media-enabled
- Total users on the plaUtility’s platform managed the addition of more than 5.3 million incidents
- Users created more than 65,000 new cases
- More than 1 million videos were viewed and played
- Total users on the platform surpassed 66,700
- The platform was accessed more than 841,000 times
New contracts came from clients in 10 different states:
| Arkansas |
Green County Sheriff's Office Cherry Valley Police Department |
|---|---|
| Indiana |
Indiana Public Schools Pike County Sheriff's Office |
| Kansas |
Norton Police Department Goddard Police Department |
| Louisiana | Grant Parish Sheriffs |
| Maryland |
Allegany County Sheriffs Frostburg Police Department |
| Missouri |
Florissant Police Department Maryland Heights Police Department |
| Montana | Polson Police Department |
| Nebraska | Crete Police Department |
| South Carolina |
Edisto Beach Police Department Spartanburg Community College Police Department |
| Texas |
Brookshire Police Department Decatur Fire Department Galveston Police Department Harris County Constables P4 - Toll Road Patrol Waller County Sheriff's Office |
This robust growth was supported by notable renewals and upgrades from existing clients:
- Exeter, NH Police Department
- Gahanna, Ohio Police Department
- Harris County, TX Constables, P2 and P6
- Jackson County, MS Sheriff's Office
- Prairie View A&M University Police Department
The company topped off the quarter by learning that it was selected by Frost and Sullivan for a Competitive Strategy Leadership Award, the first of its kind in public safety.
“In the second quarter of 2023, Utility not only demonstrated resilience but a capacity to scale and adapt to the evolving needs of our global clients. With a more than 110% increase in bookings and significant adoption of our innovative POLARIS system, we’ve proven our commitment to providing best-in-class solutions for frontline professions,” said Michael Nark, President and CEO of Utility. “The substantial strides we’ve made this quarter, from our partnership with the Royal Thai Police to our recognition by Frost and Sullivan, are a testament to our team’s relentless drive for excellence. As we progress through the year, we remain dedicated to setting new benchmarks in innovation and strengthening our bonds with clients across the board.”
About Utility
Utility, the innovative technology-enabled service provider recognized for creating groundbreaking digital systems for frontline professions, provides a universe of intuitive products for effectively capturing, managing, and releasing video evidence. Technologies include a variety of cameras, sensors and devices, as well as situational awareness software solutions for law enforcement, first responders, transportation agencies and utility providers. To learn more about Utility and its technology solutions, please visit www.utility.com.
About Braemar Energy Ventures
Founded in 2003, Braemar Energy Ventures is a leading venture capital firm focused on investing in transformative energy-tech and related companies contributing to global sustainability and combating climate change. Using sector expertise and experience, Braemar aims to be an engaged partner with its portfolio companies to best help them navigate the path to creating significant global impact. For more information, visit braemarenergy.com.